HomeMy WebLinkAbout21970 - RESOLUTIONS - 7/18/2007 RESOLUTION NO. 21970
' A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM
SPRINGS APPROVING ISSUANCE BY THE COMMUNITY
REDEVELOPMENT AGENCY OF THE CITY OF PALM SPRINGS OF
THREE SERIES OF BONDS, NAMELY ITS MERGED PROJECT NO. 1
TAX ALLOCATION BONDS, 2007 SERIES A, ITS MERGED PROJECT
NO. 1 TAXABLE TAX ALLOCATION BONDS, 2007 SERIES B, AND ITS
MERGED PROJECT NO. 2 TAXABLE TAX ALLOCATION BONDS, 2007
SERIES C, AND PROVIDING OTHER MATTERS PROPERLY
RELATING THERETO.
WHEREAS, the Community Redevelopment Agency of the City of Palm Springs
(the "Agency") is authorized pursuant to the Community Redevelopment Law, being
Part 1 of Division 24 (commencing with Section 33000) of the Health and Safety Code
of the State of California (the "Law") to issue its tax allocation bonds for the purpose of
financing and refinancing redevelopment activities with respect to its Merged Project
No. 1 and its Merged Project No.2 ("Merged Project No. 1" and "Merged Project No. 2",
respectively);
WHEREAS, for the purpose of financing redevelopment activities with respect to
Merged Project No. 1, the Agency proposes to issue its Community Redevelopment
Agency of the City of Palm Springs Merged Project No. 1 Tax Allocation Bonds, 2007
Series A (the "2007 Series A Bonds"), in an aggregate principal amount, which when
added to the aggregate principal amount of the Series B Bonds (referenced below),
does not exceed $20,000,000;
WHEREAS, also for the purpose of financing additional redevelopment activities
with respect to Merged Project No. 1 on a federally taxable basis, the Agency proposes
to issue its Community Redevelopment Agency of the City of Palm Springs Merged
Project No. 1 Taxable Tax Allocation Bonds, 2007 Series B (the "2007 Series B
Bonds"), in an aggregate principal amount, which when added to the aggregate
principal amount of the Series A Bonds, does not exceed $20,000,000;
WHEREAS, for the purpose of financing redevelopment activities with respect to
Merged Project No. 2 on a federally taxable basis, the Agency proposes to issue its not
to exceed $7,000,000 aggregate principal amount of Community Redevelopment
Agency of the City of Palm Springs Merged Project No. 2 Taxable Tax Allocation
Bonds, 2007 Series C (the "2007 Series C Bonds" and, together with the 2007 Series A
Bonds and the 2007 Series B Bonds, the "Bonds);
WHEREAS, Section 33640 of the Law requires the Agency to obtain the
approval of the City Council of the City of Palm Springs prior to issuance of the Bonds;
and
WHEREAS, the City Council approves of the issuance of the Bonds as being in
the public interests of the City of Palm Springs and of the Agency;
Resolution No.21970
Page 2
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Palm
' Springs as follows:
Section 1. Approval of Issuance of Bonds. The City Council of the City of Palm
Springs approves the issuance of the Bonds by the Community Redevelopment Agency
of the City of Palm Springs, as herein above described.
Section 2. Effective Date. This Resolution shall take effect from and after its
adoption.
PASSED AND ADOPTED THIS 18T" DAY OF JULY, 2007.
David H. Ready, C anager
ATTEST:
C J
• I`nes Thompson, City Clerk
' CERTIFICATION
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss.
CITY OF PALM SPRINGS )
I, JAMES THOMPSON, City Clerk of the City of Palm Springs, hereby certify that
Resolution No, 21970 is a full, true and correct copy, and was duly adopted at a regular
meeting of the City Council of the City of Palm Springs on July 18, 2007, by the
following vote:
AYES: Councilmember Foat, Councilmember McCulloch, Councilmember Mills,
Mayor Pro Tern Pougnet and Mayor Oden.
NOES: None.
ABSENT: None.
ABSTAIN: None.
M'
es Thompson, City Clerk
ity of Palm Springs, California